Jamaica
Producers Group is to get $400 million from the sale of its subsidiary Serious
Desserts Limited.
Chairman of Jamaica Producers Charles Johnston has confirmed that the loss-making subsidiary will be sold to Noble Foods Limited based in the United Kingdom.
This is in keeping with the company's plan to divest certain non-core businesses.
Serious Desserts earned ₤2.9 million last year, which represented less than 3% of the Group's revenues.
Jamaica Producers has indicated that its food businesses have been severely affected by significant increases in the cost of raw material and the effects of Hurricane Dean on its banana business.
These developments placed the Group in a continuing loss position that has led to the shift in strategy.
Chairman of Jamaica Producers Charles Johnston has confirmed that the loss-making subsidiary will be sold to Noble Foods Limited based in the United Kingdom.
This is in keeping with the company's plan to divest certain non-core businesses.
Serious Desserts earned ₤2.9 million last year, which represented less than 3% of the Group's revenues.
Jamaica Producers has indicated that its food businesses have been severely affected by significant increases in the cost of raw material and the effects of Hurricane Dean on its banana business.
These developments placed the Group in a continuing loss position that has led to the shift in strategy.
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